News: Elderly 'buckling' under the burden

Thu, 04 Oct 07

An increasing number of elderly people are running into financial difficulty because they have not paid off their mortgage yet...

According to Key Retirement Solutions, the UK’s over-60s are increasingly finding themselves still making mortgage payments when they have retired.

It means that they are struggling with everyday costs such as food and heating their homes and with interest rates currently at high levels, things are only getting worse.

"We are seeing an increasing number of over-60s coming to us with mortgage debt that they are struggling to manage," Dean Mirfin from the organisation told the Times.

"There are various reasons why people don’t clear their mortgage before they retire. For some, continuing their mortgage post-retirement was the only way they could afford to buy their property.

"Others have consolidated other debts onto their mortgage and extended the term while some were forced to take a longer term because of an endowment shortfall," he added.

Anyone struggling with mortgage payments can use a number of initiatives such as sell and rent back or equity release to free up some cash and ease the burden of monthly mortgage payments.

For more information, visit www.nationalhomebuyers.com



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